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an economy that is still on the mend. >> i am certainly not going to defend george w. bush's debt. but now it is $16 trillion in the reach that point under obama. reductions in spending, there are reductions on the rate of growth. certainly for all the picking we do on greece and italy and spain, they have actually spent a little less year-over-year than they have before. the status came from, california, has managed to do a little bit, too. those are all steps in the right direction. we are only going to get there through cutting spending in the united states. 75% tax rates, history has shown, again and again, going back to the first deficit that hoover ran during the great depression when as history has forgotten, began the process of franklin roosevelt continuing deficit spending in order to take up the slack in aggregate demand. you never reduce your debt that way. the tax increases do not reduce the debt. the new money that comes in that is spent on new programs that get created, those programs perpetuate themselves and they require new spending and new borrowing. cutting spending is
with representatives from the administration of george h.w. bush to the current administration of barack obama, our guest speakers today offered their expertise and experience as they look back on their years of service and look forward to the future of u.s.-asia relations. we offer my gratitude to georgetown's asian studies program, our school foreign service and the korea economic institute who have partnered to bring together some of our country's most respected minds on foreign policy and asia. we are deeply grateful to dr. dr. victor cha and director of asian studies here at georgetown. dean carol lancaster dean of the foreign service and dr. abraham kim, the interim president of the korea economic institute her make in this event possible. we are also unsure what this representative of education and we think the department for its recognition of version studies program as title vi national resource center for east asia. it is fitting that we gather today for this conversation just days before the presidential election. the topic of our discussion will take on increasing importance for our pre
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